This document outlines the Vendor management policy of Sampathi Credits Private Limited (SCPL) hereinafter referred to as “Company”.
- No Payment or invoice can be raised by any vendor unless and until they are on-boarded by Finance into internal accounting systems.
- To be successfully on-boarded, Vendors must produce the following documents:
GST Registered Vendors
- GST Certificate
- Canceled Cheque which should Indicate the Bank account details and Beneficiary name, which should match the business entity name
Non-GST Registered Vendors
- PAN (Permanent Account number)
- Canceled Cheque which should Indicate the Bank account details and Beneficiary name, which should match the individual/business entity name (If payment must be made to bank accounts)
- E-Signed declaration that they do not have a GST No and will apply for it, once thresholds are met.
- No document required. However, finance must ensure that due diligence on Vendors such as authenticity and trustworthiness factors must be taken into consideration before onboarding.
- Payment will be made via Credit Card only.
- If vendors prefer to be paid by Credit Card, then canceled cheques are not required.
- No payment will be processed to any vendor unless they have issued an invoice.
- Vendors are expected to clearly indicate SAC Code and TDS Applicability in their invoices. If not specified or unclear, Finance may withhold 10% of the invoice amount as withholding tax.
- The lead time for onboarding any vendor is at least 7 working days and the minimum payment terms for any vendor is at least 15 calendar days.
- All invoices must be sent in digital form (preferably as PDF) to “firstname.lastname@example.org” (SCPL). Paper invoices will not be accepted.
- Vendor bills will be paid only on the following days:
- Second Friday (or the nearest working day) of every month.
- Last working day of every month (+1 day in case it is a non-working day).
- For software or other service subscriptions, the “root account” for services should always be “email@example.com” (SCPL). Further the “root account” must be added to the BitWarden credential account.
- For software or other service subscriptions, the “billing account” for services should always be “firstname.lastname@example.org” (SCPL).
- Invoices for software or other service subscriptions will not be paid or honored until the above two clauses are audited and certified.
- No employee or management personnel should pay vendors directly and file for reimbursement later and if they do so, the reimbursement claims will be rejected.
- In case the Vendor files GST on a quarterly basis, the GST portion of the payment would be held back till the date of filing.